So if you look at all these, and as we go forward in the year, we'll keep updating you about these. But once all these projects come into

so if you look at all these and as we go forward in the year we'll keep updating you about these but once all these projects come into


given the prolonged sluggishness of resource prices as we move toward the fiscal year-end, we will need to scrutinize our assets held even more carefully.

given the prolonged sluggishness of resource prices as we move toward the fiscal year-end we will need to scrutinize our assets held even more carefully


And now with that said, we will always be looking for innovation that continues to enhance that value proposition. The most important thing I think you can do

now with that said we will always be looking for innovation that continues to enhance that value proposition the most important thing i think you can do


and the fact that they want to basically try to obtain the same type of ownership economics as if they built and manage this facility on their own.

and the fact that they want to basically try to obtain the same type of ownership economics as if they build and manage this facility on their own


In the third quarter, we made progress on a number of initiatives designed to improve our financial performance and position the company to effectively grow its scale.

in the third quarter we made progress on a number of initiatives designed to improve our financial performance and position the company to effectively grow at scale


for the clinical experiences they pursue upon completion of their basic medical sciences training, giving them an early competitive advantage relative to their peers.

for the clinical experiences they pursue upon completion of their basic medical sciences training giving them an early competitive advantage relative to their peers


that you guys have penciled up with regard to reinvesting free cash flow versus the issuance of common equity burdened by multiyear dividend growth? And I'm just curious, when you did the analysis

that you guys have penciled up with regard to reinvesting free cash flow versus the issuance of common equity burden by multiyear dividend growth and i'm just curious when you did the analysis


which was used in part for the acquisition of Angel's to fund our growth-focused investments and drive operational excellence initiatives.

which was used in part for the acquisition of angels to fund our growth-focused investments and drive operational excellence initiatives


By bringing this continuous improvement capability to our clients, we can enable them to guide and evolve their practices directly in line with these great tenets.

by bringing this continuous improvement capability to our clients we can enable them to guide and evolve their practices directly in line with these great tenets


With all the wells completed ahead of schedule and on budget, we will now focus on analyzing the results and evaluating next steps for future development.

with all the wells completed ahead of schedule and on budget we will now focus on analyzing the results and evaluating next steps for future development


In light of these updates, we are in the process of taking a number of steps to mitigate a potential default, including beginning discussions with our lenders,

in light of these updates we are in the process of taking a number of steps to mitigate a potential default including beginning discussions with our lenders


One final consideration worth mentioning is that we are now starting to see a wider range of cloud providers ramping up their rollout in Europe.

one final consideration worth mentioning is that we are now starting to see a wider range of cloud providers ramping up the rollout in europe


Okay. And then, would you expect that impact to get smaller in the second half? Or is that something that we should expect for the remainder of the year?

okay and then would you expect that impact to get smaller in the second half or is that something that we should expect for the remainder of the year


These spreads are being reactivated as a result of us having the confidence of steady work and having met our previously stated price expectations.

these spreads are being reactivated as a result of us having the confidence of steady work and having met our previously stated price expectations


Our success and strong results across our short-term line of credit and installment and receivable purchase agreement segments

our success and strong results across our short-term line of credit and installment and receivable purchase agreement segments


And so while there is continued pressure on adding renewables, my sense is we need to get to the 50% first before we take the next step and see how we are doing.

and so while there is continued pressure on adding renewables my sense is we need to get to the 50% first before we take the next step and see how we are doing


Into 2017, we plan to continue with our current objectives of momentum to grow revenue and discipline to prudently manage costs.

into 2017 we plan to continue with our current objectives of momentum to grow revenue and discipline to prudently manage costs


which is our fourth consecutive quarter of sequential core earnings improvement since the first quarter of 2017, when we closed the American Capital acquisition.

which is our fourth consecutive quarter of sequential core earnings improvement since the first quarter of 2017 when we closed the american capital acquisition


of curious if you could comment historically when -- if you had experiences in the past where a client

curious if you could comment historically when -- if you've had experiences in the past where a client


Much of the success we have seen is the result of our long-term view from 5 years ago, which gave us the ability to expand our capabilities

much of the success we have seen is the result of our long-term view from 5 years ago which gave us the ability to expand our capabilities


you will see advisers go in and try to help clients reposition those portfolios. So you will see additional trading activity, but it's occurring for,

you will see advisers go in and try to help clients reposition those portfolios so you will see additional trading activity but it's occurring for


explaining to the world that we are not investing enough, which might not be your point of view on the French market,

explaining to the world that we are not investing enough which might not be your point of view on the french market


We intend to use the proceeds from the notes to pay off our existing convertible debt, fund a share repurchase program and other general corporate purposes.

we intend to use the proceeds from the notes to pay off our existing convertible debt fund a share repurchase program and other general corporate purposes


Mix will also play an impact, so we're going to continue to mix up and grow the higher margin pieces of the portfolio. We've got some nice traction in '18. We'd expect that

mix will also play an impact so we're going to continue to mix up and grow the higher margin pieces of the portfolio we've got some nice traction in '18 we'd expect that


on the question of how is our reserving, how is our prior experience? We've been very clearly at the lower end.

on the question of how is our reserving how is our prior year experience we've been very clearly at the lower end


How long does it take to ramp up those stores so that they reach sort of average run rate volumes for your store base?

how long does it take to ramp up those stores so that they reach sort of average run rate volumes for your store base


that we have markets in which we have stronger relationships with independents, and that expressed in certain type of

that we have markets in which we have stronger relationships with independents and that expressed in certain type of


We will leverage our TCA execution and platform solutions to provide scalable products that are valued by our clients to capture this market.

we will leverage our tca execution and platform solutions to provide scalable products that are valued by our clients to capture this market


We're encouraged that the concept of beneficiary support services really extends now to the Medicaid long-term services and supports community. So there's

we're encouraged that the concept of beneficiary support services really extends now to the medicaid long-term services and supports community so there's


Now are you still focused on allocating capital towards acquisition first? Or maybe -- or what a dividend increase at some point be in consideration?

are you still focused on allocating capital towards acquisition first or maybe -- or would a dividend increase at some point be in consideration


as we lead the shift of the global transportation system from petroleum to clean gaseous fuels in all forms.


Clients want us to bring accomplished talent that can translate strategy to successful execution and who are also enabled by supporting programs,

clients want us to bring accomplished talent that can translate strategy to successful execution and you are also enabled by supporting programs


less growth than we've seen at the very outset of this market boom. So there's going -- a bit of a maturing of the market, but still at healthy growth levels.

less growth than we've seen at the very outset of this market boom so you're going to see a bit of a maturing of the market but still at healthy growth levels


Our hotels performed in line with expectations in the first quarter. Despite the lack of group activity, particularly in Chicago,

our hotel has performed in line with expectations in the first quarter despite the lack of group activity particularly in chicago


Cary will begin with opening comments followed by Scott with a detailed review of the quarter and year and an outlook on the future.

kerry will begin with opening comments followed by scott with a detailed review of the quarter and year and an outlook on the future


Following our prepared remarks, Mike and I as well as David Dill, our President and Chief Operating Officer, will be available to answer your questions.

following our prepared remarks mike and i as well as david dill our president and chief operating officer will be available to answer your questions


First, we started a process a couple years ago to evolve timeshare sales and marketing to ensure a more consumer friendly buying experience.

first we started a process a couple of years ago to evolve timeshare sales and marketing to ensure a more consumer-friendly buying experience


the market cap, relative to the liquidation of the business versus the ability to actually generate profits, that will

the market cap relative to the liquidation of the business versus the ability to actually generate profits that will


We also believe that favorable demographics such as the Millennials starting to reach their peak home-buying years will continue to increase the demand for purchase mortgages.

we also believe that favorable demographics such as the millennials starting to reach their peak home buying years will continue to increase the demand for purchase mortgages


that was mentioned earlier was -- is probably right, but we have the tendency here not to forecast aggressively.

that was mentioned earlier was -- is probably right but we have the tendency here not to forecast aggressively


within that if you parse it out, where you're maybe seeing a little surprise to the upside or you're seeing anything that's giving you a little more confidence here heading into the next 3 quarters?

within that if you parse it out where you're maybe seeing a little surprise to the upside or you're seeing anything that's giving you a little more confidence here heading into the next 3 quarters


This allowed us to protect our leading share positions in the near term while remaining ready to capitalize on their long-term potential.

this allowed us to protect our leading share positions in the near term while remaining ready to capitalize on their long-term potential


can definitely lead with products that are super high quality and don't lead to GvHD, so it's not a problem anymore. And I think that's part of the past

can definitely lead with products that are super high quality and then don't leak to gdg so it's not a problem anymore and i think that's part of the task


following the release of our fiscal first quarter results, probably sometime in February. Thank you again and have a wonderful day. Bye.

following the release of our fiscal first quarter results probably sometime in february thank you again and have a wonderful day bye


the confidence and aggressiveness that is now a real part of Sientra. I know I didn't give you the kind of information that you're looking for, but

the confidence and aggressiveness that is now a real part of sientra i know i didn't give you the kind of information that you're looking for but


I think as we saw the building activity be -- start off the year a little slower than we had expected, you did see inventory levels build up a little bit.

i think as we saw the building activity be -- start off the year a little slower than we had expected you did see inventory levels build up a little bit


We make changes to our harvest capacity on a regular basis. We look at it on a daily basis. We increase and decrease our harvest levels.

we make changes to our harvest capacity on a regular basis we look at it on a daily basis we increase and decrease our harvest levels


our capacity has filled, and we are now operating at near-optimal utilization levels in most of our Safety Assessment facilities.

our capacity has filled and we are now operating at near optimal utilization levels in most of our safety assessment facilities


We believe the acquisition of Tribune would deliver significant strategic and financial benefits to the combined company, which include

we believe the acquisition of tribune would deliver significant strategic and financial benefits to the combined company which include


albeit that we expect this level to reduce for all market participants under any of the proposed new codes once finalized.


and the agency execution services is in Virtu market making. So all of those legacy categories are in the new Virtu market making bucket

and the agency execution services is in virtu market making so all of those legacy categories are in the new virtu market making bucket


pretty much kind of a flat measurement as we've been able to control our operating expenses and the portfolio really has grown only nominally.


and the providers for Eversense. The only way that we can do that right now is to use this bridge program from where we stand.

and the providers for eversense the only way that we can do there right now is to use this bridge program from where we stand


the secular growth that could be multiyear that we've seen for several years here. What look can we expect in terms of incremental investment towards that?

the secular growth that could be multiyear and that we've seen for several years here what can we expect in terms of incremental investment towards that


And interestingly, the New York Times ran an article about how renewables are not bringing the world much closer to achieving climate goals.

and interestingly the new york times read an article about how renewables are not bringing the world much closer to achieving climate goals


These results demonstrate continued positive momentum from the consistent and rigorous execution of our strategy.

these results demonstrate continued positive momentum from the consistent and rigorous execution of our strategy


is likely to do. We had a Phase II result that went all the way to OS with the doublet. And so that's going to be helpful in order to assess the ultimate

is likely to do we had a phase ii result that went all the way to os with the doublet and so that's going to be helpful in order to assess the ultimate


While traffic is always going to be important to us, we're not -- all of our locations aren't what you'd call Main on Main, so traffic is really important to us.

while traffic is always going to be important to us we're not -- all of our locations aren't what you'd call main on main so traffic is really important to us


of manufacturing but there is not a plan to stop our CMOs and transfer that process. That would delay us considerably.

of manufacturing but there is not a plan to stop our cmos and transfer that process that would delay us considerably


is may be valued more, is that something where you could see that market change or do you kind of view it as it's an in-sourced market and it stays that way?

is maybe valued more is that something where you could see that market change or do you kind of view it as it's an in-source market and it stays that way


So -- and how do you deal with customers who get used to the greater savings, especially if they may not want to give them back in the future?

so -- and how do you deal with customers who get used to the greater savings especially if they may not want to give them back in the future


between how that works in your hedges and the extent to which you are protected by your hedges?

between how that works and your hedges and the extent to which you're protected by your hedges


in position for closing that 50 basis point gap? Does that require more rate cases? Does it require you to change the types of

in position for closing that 50 basis point gap does that require more rate cases does it require you to change the types of


Looking ahead to the first quarter, equipment is now tied with activity expected to strengthen on the new exploration season in Alaska and Canada.

looking ahead to the first quarter equipment is now tied with activity expected to strengthen on the new exploration season in alaska and canada


And this -- knowing that the vehicles -- that we are currently remarketing that there are also still a large number of Euro-5 vehicles included

and this knowing that the vehicles that we are currently remarketing that there is also still a large number of euro 5 vehicles included


But it is encouraging to see an overall improvement in consumer sentiment in emerging markets that we already have alluded to in our previous calls.

but it is encouraging to see an overall improvement in consumer sentiment in emerging markets that we already have alluded to in our previous calls


driven by excessively aged fleets, a demanding regulatory backdrop and a generally stable trucking environment with strong carrier profitability.

driven by excessively aged fleets a demanding regulatory backdrop and a generally stable trucking environment with strong carrier profitability


What we've seen come out of those is not significant change as customers are already very well protected by the existing legislation.

what we've seen come out of those is not significant change as customers are already very well protected by the existing legislation


is there anything that changed in the marketplace relative to your expectations around secular trends that are picking up, that are causing you to invest more? Or is this more

is there anything that changed in the marketplace relative to your expectations around secular trends that are picking up that are causing you to invest more or is this more


presentations and Investor Day's and such, the thing we focus on is the fact that we have all this deep vertical confidence.

presentations and investor days and such the thing we focus on is the fact that we have all this deep vertical confidence


core business process management business. But I think that shows our strength that we're able to compete against traditional competitors

core business process management business but i think that shows our strength that we're able to compete against traditional competitors


or negate our ability to continue to drive margin expansion in those businesses. And I would say we didn't drive margin

or negate our ability to continue to drive margin expansion in those businesses and i would say we didn't drive margin


was an important step for the company because it releases us from some very restrictive covenants, which were imposed at the time the debt was arranged

was an important step for the company because it releases us from some very restrictive covenants which were imposed at the time the debt was arranged


a larger volume of recurring revenue in the initial years. But then when

a larger volume of recurring revenue in the initial years but then when


Again, being responsive as we can be to some of the requests that we've had and how we've really focused on the core business going forward.

again being responsive as we can be to some of the requests that we've had and how we've really focused on the core business going forward


we are excited to move these programs into the clinic to test their effectiveness in stimulating anti-tumor immune responses in patients.


gauge the impact of that announcement. Is this maybe another leg-up for OCC? Or is China just kind of confirming something that they've been doing already for most of the year?

gauge the impact of that announcement is this maybe another leg up for occ or is china just kind of confirming something that they've been doing already for most of the year


was really proven out in -- over Christmas because we got -- we had very heavy traffic on Black Friday and Cyber Monday, and the team was able to make adjustments

was really proven out in -- over christmas because we got -- we had very heavy traffic on black friday and cyber monday and the team was able to make adjustments


and have an unwavering confidence that these are the right places for EnLink to be positioned, as we execute our growth plans and achieve our objectives.

and have an unwavering confidence that these are the right places for enlink to be positioned as we execute our growth plans and achieve our objectives


I spent some time in Iowa 2 weeks ago with the DECO team and came away very excited about our continued prospects for growth.

i spent some time in iowa 2 weeks ago with the deco team and came away very excited about our continued prospects for growth


Turning to the full year. Many of the key trends that persisted in the fourth quarter also shaped our 2016 results.

turning to the full year many of the key trends that persisted in the fourth quarter also shaped our 2016 results


The volatility in the commodity markets last year as well as the industry's response underscores our repositioning for this year and beyond.

the volatility in the commodity markets last year as well as the industry's response underscores our repositioning for this year and beyond


operating matrix. Having said all this, and perhaps with the credibility that we've had in the past of turning every operation around, I urged you

having said all this and perhaps with the credibility that we've had in the past of turning every operation around i urged you


how should we think about how aggressive you can be regarding the acquisition of products? And

how should we think about how aggressive you can be regarding the acquisition of products and


We aim to keep the bank well positioned in this area and continue to emphasize our digital channels through our processes.

we aim to keep the bank well positioned in this area and continue to emphasize our digital channels through our processes


We are pursuing opportunities for upgrades, fixes and services, and are working to expand our overall footprint and share in this segment.

we are pursuing opportunities for upgrades fixes and services and are working to expand our overall footprint and share in this segment


I think, Ben, what you're asking there is why don't we put up a marketplace ourselves. Well, we strongly believe that we should not compete with our customers,

i think ben what you're asking there is why don't we put up a marketplace ourselves well we strongly believe that we should not compete with our customers


I think it's important to isolate Government in the story here because we've been pretty transparent about a couple of contract losses and Government changes we've been making.

i think it's important to isolate government in the story here because we've been pretty transparent about a couple of contract losses and government changes we've been making


And having the flexibility to strategically deploy capital is also important. We manage our business looking out past the horizon of the next 2 quarters.

and having the flexibility to strategically deploy capital is also important we manage our business looking out past the horizon of the next 2 quarters


We are performing a strategic review of all of our business units that will help us prioritize our capital and resources where we see the best opportunities for profitable growth.

we are performing a strategic review of all of our business units that will help us prioritize our capital and resources where we see the best opportunities for profitable growth


may have some challenges right now, but then there are others that are doing quite well and ditto for many of these local and regional customers. So

may have some challenges right now but then there are others that are doing quite well and ditto for many of these local and regional customers so


Our retail partners continue to demonstrate demand to be in our centers. Our leasing and reinvestment efforts continue to drive additional growth in our intrinsic value.

our retail partners continue to demonstrate demand to be in our centers our leasing and reinvestment efforts continue to drive additional growth in our intrinsic value


we -- you don't want to find these issues on the shop floor. So after you've rolled it and you put time and labor in, you don't want to find out you got a steel issue. So

you don't want to find these issues on the shop floor so after you've rolled it and you put time and labor in it you don't want to find out you got a steel issue so


And I think that mix will probably be about what it is, but we always look how much cost us for the content

and i think that mix will probably be about what it is but we always look how much cost us for the content


The increase in capital spending was primarily related to the increase in production equipment used in manufacturing specialty alumina products.

the increase in capital spending was primarily related to the increase in production equipment used in manufacturing specialty alumina products


in the intelligence, emissions, safety and security and fuel efficiency markets, which are expected to grow at rates exceeding the underlying vehicle market.

in the intelligence emissions safety and security and fuel efficiency markets which are expected to grow at rates exceeding the underlying vehicle market


and the lead time part. So in essence, I see opportunities to sell more with less inventory, and I also see an opportunity to

and the lead time parts so in essence i see opportunities to sell more with less inventory and i also see an opportunity to


We will move this company into the future in a way that excites our consumers, beats our competitors and drives value for the company and shareholders.

we will move this company into the future in a way that excites our consumers beats our competitors and drives value for the company and shareholders


Carrie will review the results of the first quarter, but before that, I'd like to focus some remarks on the quality of our credit performance and the evolution of our investor base.

carrie will review the results of the first quarter but before that i'd like to focus some remarks on the quality of our credit performance and the evolution of our investor base


definitely seeing more clarity and better progress on the milestones that are needed to get many of these large projects to FID. And

we're definitely seeing more clarity and better progress on the milestones that are needed to get many of these large projects to fid


We drove 15 times more app installs in December compared to April while continuing to drive increased return on investment.

we drove 15x more app installs in december compared to april while continuing to drive increased return on investment


And finally, I'm happy to report that our acquisition pipeline is extremely robust and we hope to close a number of deals in the very near future.

and finally i'm happy to report that our acquisition pipeline is extremely robust and we hope to close a number of deals in the very near future


This trend has not continued into October as we would estimate book value currently as being higher by a few cents quarter-to-date.

this trend has not continued into october as we would estimate book value currently as being higher by a few cents quarter-to-date


during the year, reflecting our focus on improving revenue growth -- the revenue growth rates, with several sizable deals in the sales pipeline.

during the year reflecting our focus on improving revenue growth -- the revenue growth rates with several sizable deals in the sales pipeline


Well, I think to your point, you don't have to get -- we don't have to get back to the peak levels that we saw, but we do have to get back to more of an average of what we've seen in the past.

well i think you got -- to your point you don't have to get -- we don't have to get back to the peak levels that we saw but we do have to get back to more of an average of what we've seen in the past


So that's fairly natural movement to see the market strength there relative to the other region or pricing strength relative to the other regions

so that's fairly natural movement to see their market strength there relative to the other region or pricing strength relative to the other regions


I think I'd focus on a couple things. First of all, as it relates to the fourth quarter, there is a huge push in Q4, and that tends to be

i think i'd focus on a couple of things first of all as it relates to the fourth quarter there is a huge push in q4 and that tends to be


Second, we are opening up 2 new segments by bringing innovation into power management for computing systems and for TVs and set-top boxes.

second we are opening up 2 new segments by bringing innovation into power management for computing systems and for tvs and set-top boxes


reflective of the discount as to where we're currently guiding versus last we spoke. But this we believe will put us in a much

reflective of the discount as to where we're currently guiding versus last we spoke but this we believe will put us in a much


continued acceleration, if you will, in comps you think relates to the internal initiatives versus an improved backdrop?

continued acceleration if you will in comps you think relates to the internal initiatives versus an improved backdrop


some other thing that's causing the volumes in Buildings to be lower than what the leading indicators would suggest?

some other thing that's causing the volumes in buildings to be lower than what the leading indicators would suggest


We're planning to finance the transaction with committed secured financing and do not expect the added debt to impact our overall cost of borrowing based on the current

we're planning to finance the transaction with committed secured financing and do not expect the added debt to impact our overall cost of borrowing based on the current


will be a function of eliminating the 2017 expenses to execute the program plus capturing incremental benefits as we achieve the full run rate of the expected savings.

will be a function of eliminating the 2017 expenses to execute the program plus capturing the incremental benefits as we achieve the full run rate of the expected savings


These risks are described in the company's filings made with the Securities and Exchange Commission, including the company's annual report on Form 10-K

these risks are described in the company's filings made with the securities and exchange commission including the company's annual report on form 10-k


As part of the capital planning related to the JLT transaction, it is unlikely we will repurchase any stock ahead of the close of the acquisition.

as part of the capital planning related to the jlt transaction it is unlikely we will repurchase any stock ahead of the close of the acquisition


This will help to inform our decision about what dose level or levels to select for the Phase II study and what the dosing interval should be.

this will help to inform our decision about what dose level or levels to select for the phase ii study and what the dosing interval should be


We are also pleased to announce the latest results of our share buyback program. We continued to buy back stock in the second quarter and in April.

we are also pleased to announce the latest results of our share buyback program we continued to buy back stock in the second quarter and in april


And the partnerships, they come on slower, but it seems like you've had more luck getting them to sign up. And so you've had

and the partnerships they come on slower but it seems like you've had more luck getting them to sign up and so you've had


for operating income you were saying that you were going to strive for increased operating income. Even after the

for operating income you were saying that you're going to strive for increased operating income even after the


with both a strong balance sheet and strong free cash flow, we are well-positioned to pursue targeted acquisitions, to create greater relevance in selected markets.

with both a strong balance sheet and strong free cash flow we are well positioned to pursue targeted acquisitions to create greater relevance in selected markets


And in response to these developments, we significantly simplified our portfolio to focus on converged communication and IT services.

in response to these developments we significantly simplified our portfolio to focus on converged communication and it services


for the invitation when it comes out and... In the next weeks, we will send out the invitations and then in the invitation, you will see when you have to respond,

for the invitation when it comes out and -- in the next weeks we'll send out the invitations and then in the invitation you will see when you have to respond


While we continue to expect that we will not need to issue equity at least through the middle of this year, we are targeting not having any equity needs in 2018. And

while we continue to expect that we will not need to issue equity at least through the middle of this year we are targeting not having any equity needs in 2018 but


In terms of the timing of when we start, Charles, I'm not going to put any more fidelity than first quarter. Count on us to go as fast as we can. I think the fact that we now

in terms of the timing of when we start charles i'm not going to put any more fidelity than first quarter count on us to go as fast as we can i think the fact that we now


Can you shed any light on what the plan is there? And if perhaps, the Ontario Fair Housing Plan might have any impact on your thinking there?

can you shed any light on what the plan is there and if perhaps the ontario fair housing plan might have any impact on your thinking there


This represents growth in both net interest income and fee income, as well as a net reduction in credit costs and expenses in the quarter.

this represent growth in both net interest income and fee income as well as a net reduction in credit costs and expenses in the quarter


this was not able to make up for the fall in the unit sales of network products and mobile phones, which did particularly well in the third quarter of last year.

this was not able to make up for the fall in the unit sales of network products and mobile phones which did particularly well in the third quarter of last year


Yes. So as it relates to our Automotive margins, and we kind of -- as we talked about in our comments, we have seen continued improvement

yes so as it relates to our automotive margins and kind of as we talked about in our comments we have seen continued improvement


Certain statements contained in this presentation as well as other information provided from time to time by the company or its employees may contain forward-looking statements

certain statements contained in this presentation as well as other information provided from time to time by the company or its employees may contain forward-looking statements


On this call, we will be sharing with you some of the specific initiatives that we have embarked on to support this new vision for Fred's Pharmacy.

on this call we will be sharing with you some of the specific initiatives that we have embarked on to support this new vision for fred's pharmacy


lending. The credit cycle is certainly feeling better at this stage in the overall context of things.

lending the credit cycle is certainly feeling better at this stage in the overall context of things


And one advantage of this drug in thinking about it as an acute therapy is a single dose is going to persist

and one advantage of this drug in thinking about it as an acute therapy is a single dose is going to persist


We also saw growth in small business marketing solutions and web and also payroll services.

we also saw growth in small business marketing solutions and web and also payroll services


Now I'll touch on our most recent acquisition, which we announced on July 10. Since we had the call 2 days ago, I'll just go over the highlights.

now i'll touch on our most recent acquisition which we announced on july 10 since we had the call 2 days ago i'll just go over the highlights


will come out of this wanting to do something. So I can imagine that, one is, we go on as we are.

will come out of this wanting to do something so i can imagine that one is we go on as we are


We will, of course, monitor the impact and continue to adjust as needed in order to maximize the opportunity as we utilize our business intelligence group

we will of course monitor the impacts and continue to adjust as needed in order to maximize the opportunity as we utilize our business intelligence group


pricing of domestically produced gas, but also led to higher windfall profit tax for our company.

pricing of domestically produced gas but also lead to higher with full profit tax for our company


I'll now ask Steve to provide a more detailed update on some of the key life cycle and development activities we're pursuing across our portfolio. Steve? Thanks, Mark.

i'll now ask steve to provide a more detailed update on some of the key life cycle and development activities we're pursuing across our portfolio steve thanks mark


bringing more focus to your product development efforts and how that was going to help your leverage. Can you just give some more detail on that? Should we expect

bringing more focus to your product development efforts and how that was going to help your leverage can you just give some more detail on that should we expect


So that's the challenge for companies. How do you strike a balance between the existing and the new products? That's a very big challenge indeed.

so that's the challenge for companies how do you strike a balance between the existing and the new products that's a very big challenge indeed


a few small questions. Can you just comment a little bit on how the integration of Body Plus and Sonoma is progressing and

a few small questions can you just comment a little bit on how the integration of bodyplus and sonoma is progressing and


with staff that is unhappy with the working environment. So that's part of the management skill in this area to manage. I

with staff that is unhappy with the working environment so that's part of the management skill in this area to manage


by the airport, and we've been very clear in terms of what we believe they should be looking at. And we will work with them to try and

by the airport and we've been very clear in terms of what we believe they should be looking at and we will work with them to try and


We are executing on our strategic initiatives to improve financial discipline and operating efficiency, while investing in our growth initiatives.

we are executing on our strategic initiatives to improve financial discipline and operating efficiency while investing in our growth initiatives


Results continue to be driven by low interest rates as well as reduced market activity and volumes, which most likely will not improve in the short term.

results continue to be driven by low interest rates as well as reduced market activity and volumes which most likely will not improve in the short term


one. Right now, however, some of our customers are late launching new drug trials. The number of drug trials or new launches are down

one right now however some of our customers are late launching new drug trials the number of drug trials or new launches are down


and the number of SKUs, you can simplify the business a good bit and not really have a significant impact on your URB demand.

and the number of skus you can simplify the business a good bit and not really have a significant impact on your urb demand


I think there are simple wins on our way to our path to what I think is going to be really accelerated opportunities in the future. So

i think there are simple wins on our way to our path to what i think is going to be really accelerated opportunities in the future


This was driven by the continued adoption of the Cornerstone HR suite as well as accelerating traction with Cornerstone Recruiting.

this was driven by the continued adoption of the cornerstone hr suite as well as accelerating traction with cornerstone rekrut recruiting


And as you know, Brazil has been one of the weaker points for us as a company, and I think it can be a catalyst. I think it's -- and most importantly is they came in

and as you know brazil has been one of the weaker points for us as a company and i think it can be a catalyst i think it's -- and most importantly it came in


also had to mention that we had now achieved to have the unique trading platform, which we are calling Alm. Brand Trader,

i also had to mention that we had now achieved to have the unique trading platform which we are calling ambrand trader


Third, tenaciously pursue greater cost efficiencies as we continue lean practices throughout the organization.

third tenaciously pursue greater cost efficiencies as we continue lean practices throughout the organization


choices about the kind of work we go after, I don't think that the conclusion of that should be that it slows revenue growth in the long run because I think there's

choices about the kind of work we go after i don't think that the conclusion of that should be that it slows revenue growth in the long run because i think there's


Our net numbers that you see in the release are based on sold volumes, but some of the production in Yates was produced in September but not transported for sale until October.

our net numbers that you see in the release are based on sold volumes but some of the production in yates was produced in september but not transported for sale until october


When we had guided back when we had given the full year estimates that we were going to come out running very low in the beginning. And if you look at the bottom

that we had guided back when we had given the full year estimates that we were going to come out running very low in the beginning and if you look at the bottom


what we see the most important businesses for us to grow, both in United States and overseas, based on that strategy, right? So

what we see the most important businesses for us to grow both in united states and overseas based on that strategy right so


to navigate that, also looking at the cost side of things. What's going to happen with other insurance companies, I don't know, especially if we talk about the smaller insurers.

true navigate that also looking at the cost side of things what's going to happen with other insurance companies i don't know especially if we talk about the smaller insurers


We were also able to improve our adjusted EBITDA margin and reduce our leverage while continuing to invest in the business

we were also able to improve our adjusted ebitda margin and reduce our leverage while continuing to invest in the business


While the payments received from this therapeutic during the clinical study will be very modest in 2018, we are pleased to have advanced to this phase.

while the payments received from this therapeutic during the clinical study will be very modest in 2018 we are pleased to have advanced to this phase


Okay. You're talking about the tax, the benefit of the tax, using that. That's what you need for the incremental spend. You don't have to touch the capital of return piece.

okay you're talking about the tax the benefit of the tax using that that's what you need for the incremental spend you don't have to touch the capital return piece


Such statements speak only as of the date they are made, and the company is under no obligation to update them in light of new information.

such statements speak only as of the date they are made and the company is under no obligation to update them in light of new information


We had a tale of 2 segments with the West accounting for the entirety of this improvement, while we continue to strengthen our position in the Southeast.

we had a tale of 2 segments with the west accounting for the entirety of this improvement while we continue to strengthen our position in the southeast


put some additional cash in India in order to pay off a loan that, that joint venture had. It was a very high interest rate loan that was

put some additional cash in india in order to pay off a loan that that joint venture had it was a very high interest rate loan that was


Well, the most important ones that we're pursuing when the opportunity arises, and we don't have a lot of control over it,

well the most important ones that we're pursuing when the opportunity arises and we don't have a lot of control over it


and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

and are made pursuant to and within the meaning of the safe harbor provisions of the private securities litigation reform act of 1995 as amended


more interesting topic. Is there any -- given the variability in earnings due to weather, is there any thought or appetite in Texas

more interesting topic is there any -- given the variability in earnings due to weather is there any thought or appetite in texas


As a result, a gradual reduction of revenues in this business is not expected to have an adverse impact on operating margins.

as a result a gradual reduction of revenues in this business is not expected to have an adverse impact on operating margins


we believe there is significant demand for a modern subscription-based content offering in today's evolving workplace.


technologies because, ultimately, much of that data in the industrial space is analog data which has to be digitized and then analyzed.

technologies because ultimately much of that data in the industrial space is analog data which has to be digitized and then analyzed


This is for us an absolutely core element, because our mission is how do we empower people to live a better life.

this is for us an absolutely core element because our mission is how do we empower people to live a better life


putting up a new building in Switzerland in our wireless communication business in in Western Switzerland,

putting up a new building in switzerland in our wireless communication business in morton in western switzerland


We have paid the same amount of dividends for the last 4 years. So irrespective of the level of profitability that we have achieved,

we have paid the same amount of dividends for the last 4 years so irrespective of the level of profitability that we achieve


and extending payment terms with our vendors, which we've accomplished through improved operating performance and the utilization of LCs for selected import vendors.

and extending payment terms with our vendors which we've accomplished through improved operating performance and the utilization of lcs for selected import vendors


increase the value of the ecosystem. They're more valuable as a part of the ecosystem we've already built, and they make the ecosystem what we have more valuable by adding the new service.

increase the value of the ecosystem they're more valuable as a part of the ecosystem we've already built and they make the ecosystem what we have more valuable by adding the new service


Clients want better solutions to accelerate project results, experienced talent wants to work in more liberating and empowering ways.

clients want better solutions to accelerate project results experienced talent wants to work in more liberating and empowering ways


We achieved new record highs in all income categories, including ordinary income and net income attributable to owners of the parent.

we achieved new record highs in all income categories including ordinary income and net income attributable to owners of the parent


As you recall, we indicated in our most recent earnings call that we expected RevPAR growth to be slightly negative during the first quarter.

as you recall we indicated on our most recent earnings call that we expected revpar growth to be slightly negative during the first quarter


in a combination of cash and an equity investment at a premium, is also a significant transaction for Dicerna. Under the agreement,

in a combination of cash and an equity investment at a premium is also a significant transaction for dyscerna under the agreement


I do think that other states will consider expansion, whether outright or through the use of a waiver.

i do think that other states will consider expansion whether outright or through the use of a waiver


I do think that they are making those kinds of determinations. But whether or not it's a result of

i do think that they are making those kinds of determinations but whether or not it's the result of


But this is a good protection for minority shareholders, who had to essentially digest a deal that happened pretty much over the weekend.

but this is a good protection for minority shareholders who had to essentially digest a deal that happened pretty much over the weekend


all companies that are rebounding after a period of transformation and restructuring, it's how ready are we for the upswing and

all companies that are rebounding after a period of transformation or restructuring it's how ready are we for the upswing and


Consistent with last quarter, the increase in the premium yield for the third quarter was primarily due to a higher level of single premium cancellation income.

consistent with last quarter the increase in the premium yield for the third quarter was primarily due to a higher level of single premium cancellation income


offset in part by an increase in residential and commercial volumes related to weather and contributions from tuck-in acquisitions.


We hope this trial will lead to the fastest regulatory pathway not only for Taiwan, but also for the People's Republic of China.

we hope this trial will lead to the fastest regulatory pathway not only for taiwan but also for the people's republic of china


And particularly noteworthy for our circuit this quarter was the release of some record-breaking documentaries from the specialty film companies.

and particularly noteworthy for our circuit this quarter was the release of some record-breaking documentaries from the specialty film companies


This alliance is intended to bring stakeholders together to ensure reliable battery supply for the European industry.

this alliance is intended to bring stakeholders together to ensure reliable battery supply for the european industry


don't sound like big fancy new products but are really important in terms of enhancing the overall application success of our customers.


a hearing aid and a true wireless headset are starting to look more and more alike and there's this convergence between those.


that we think the network business can bring. Again, especially of late, I think it's probably just important to make sure to put the fine point on it that

that we think the network business can bring again especially of late i think it's probably just important to make sure to put the fine point on it that


The speed that they are moving to transform themselves into something much more than a wireless carrier is pretty breathtaking. And when they sit in our office and talk to us about that,

the speed that they are moving to transform themselves into something much more than a wireless carrier is pretty breathtaking and when they sit in our office and talk to us about that


So we think it's actually more ethical, this pathway that we're taking. We think it's more expeditious and will help us to

so we think it's actually more ethical this pathway that we're taking we think it's more expeditious and will help us to


We have reached a point where the situation became much clearer with respect to the likely outcome around cost recovery options

we have reached a point where the situation became much clearer with respect to the likely outcome around cost recovery options


And so we do have a question of as to what Hershey's growth rate is in the future and whether it'd be better for Mondelez to

and so we do have a question of -- as to what hershey's growth rate is in the future and whether it would be better for mondelez to


In our developed market footprint, we are reinforcing our premium beer credentials, driving quality and visibility in the on-premise

in our developed market footprint we are reinforcing our premium beer credentials driving quality and visibility in the on-premise


Change has been a constant at Groupon, and I would argue that over the past 5 months, we've changed more and faster than at any time in my nearly 5 years at this company.

change has been a constant at groupon and i would argue that over the past 5 months we've changed more and faster than at any time in my nearly 5 years at this company


The decline in this quarter is also partly attributable to exit costs from the realignment of certain products and service offerings within the European market.

the decline in this quarter is also partly attributable to exit costs from the realignment of certain products and service offerings within the european market


end customers as well as our customer base of proceeding with projects to be ready to launch them.

and customers as well as our customer base of proceeding with projects to be ready to launch them


We are confident that Trex will be able to continue to grow at a faster rate than market, given our leadership position and brand equity.

we are confident that trex will be able to continue to grow at a faster rate than market given our leadership position and brand equity


including borrower points and gain on sale, the latter of which may become increasingly compelling as financing markets for these asset types continue to mature.

including borrower points and gain on sale the latter of which may become increasingly compelling as financing markets for these asset types continue to mature


Sales to the prescription drug market increased over the prior year even though last year's strong second quarter was a difficult comparison.

sales to the prescription drug market increased over the prior year even though last year's strong second quarter was a difficult comparison


The decrease in adjusted net income between periods was mainly due to lower segment profit and a higher effective income tax rate in the current quarter.

the decrease in adjusted net income between periods was mainly due to lower segment profit and a higher effective income tax rate in the current quarter


managing our risks and transparencies and responsible business models is becoming an increasing competitive advantage. So

managing our risks and transparencies and responsible business models is becoming an increasing competitive advantage so


grow the market really from OTC into LINZESS. And also how do we continue to raise the bar with regards to the clinical performance of our drug?

grow the market really from otc into linzess and also how do we continue to raise the bar with regards to the clinical performance of our drug


Under this regime, an arbitrator can determine the terms of pipeline access, including price, where parties have been unable to agree terms commercially.

under this regime an arbitrator can determine the terms of pipeline access including price where parties have been unable to agree terms commercially


Higher oil prices, which result in lower volumes relating to PAP at Quifa Southwest

high oil prices which result in lower volumes relating to pap at kifa southwest


As for gain on sale of equipment, we do not anticipate selling as many tractors in 2016 as we did in 2015, and the used truck market is continuing to soften.

as for gain on sale of equipment we do not anticipate selling as many tractors in 2016 as we did in 2015 and the used truck market is continuing to soften


Yes. The backlog had little to no effect on our reported fourth quarter rates, but did have a negative impact on our overall fourth quarter utilization

yes the backlog had little to no effect on our reported fourth quarter rates but did have a negative impact on our overall fourth quarter utilization


The One Belt, One Road project is a cornerstone of the Chinese economic plans for the next 5 years and supports steel and power demand inside and outside China.

the one belt one road project is a cornerstone of the chinese economic plans for the next 5 years and supports steel and power demand inside and outside china


We've done this in great part by taking a highly selective approach to investments, staying true to our disciplined underwriting standards and maintaining strong credit quality.

we have done this in great part by taking a highly selective approach to investments staying true to our disciplined underwriting standards and maintaining strong credit quality


Okay. You feel you're sort of out of the woods now in terms of kind of perfecting those processes at rate at this point, do you feel like or you're not quite there yet?

okay you feel you're sort of out of the woods now in terms of kind of perfecting those processes at rate at this point do you feel like or are you not quite there yet


Okay. And the other question I had for you was, the Industrial piece. So can you give us some trajectory of how it trended through the quarter

okay and the other question i had for you was the industrial piece so can you give us some trajectory of how it trended through the quarter


And the companies we've talked to, they're starting to think about that and talk about those as well. There is service bureau to the rest of the company.

and the companies we've talked to they're starting to think about that and talk about that as well their service bureau to the rest of the company


This has been popping up around customer discussions just over the past few month. So we have to address that and start putting the practice around that. So how fast that could take us

this has been popping up in customer discussions just over the past few months so we have to address that and start putting a practice around that so how fast that could take off


However, we've yet to see a full return to growth in Illinois and coastal Texas, despite strong backlogs in those markets.

however we've yet to see a full return to growth in illinois and coastal texas despite strong backlogs in those markets


And lastly, we realized that in any acquisition, we have great opportunities to learn from the new business and its people.

and lastly we realize that in any acquisition we have great opportunities to learn from the new business and its people


Why do we want to do this? We really believe that the current sales system for selling diamonds is really antiquated.

why do we want to do this we really believe that the current sales system for selling diamonds is really antiquated


Okay. And then just lastly, I want to clarify the comments about historical incremental margins even while you hire these sales folks. So

okay and then just lastly i want to clarify the comments about historical incremental margins even while you hire these sales folks so


which we have communicated throughout the last couple of years. So there's no change that we have the intention to be very solid,

which we have communicated throughout the last couple of years so there's no change that we have the intention to be very solid


On Slide 5, we've called out some of the highlights that demonstrate our continued progress towards transformation. First and foremost, our businesses are growing.

on slide 5 we've called out some of the highlights to demonstrate our continued progress towards transformation first and foremost our businesses are growing


reported our wholesale pipeline inventories so that everyone out there can follow along with what's going on. So there's no question about

reported our wholesale pipeline inventories so that everyone out there can follow along with what's going on so there's no question about


New orders have increased significantly, especially for components to be installed on electric and hybrid vehicles.

new orders have increased significantly especially for components to be installed on electric and hybrid vehicles


in part because consumers they serve visit primary care physicians 10% more often even as their hospitalizations are reduced


and was recognized by the health care transformation alliance and other marquee customers, driving OptumRx to a market-leading growth rate

and was recognized by the healthcare transformation alliance and other marquee customers driving optumrx to a market-leading growth rate


And some of the missed time, when you have as much rain in California as we had, some of that just delays projects, and everything gets pushed a bit.

and some of the missed time when you have as much rain in california as we had some of that just delays projects and everything gets pushed a bit


we were involved in very important improvements in the project with our engineering area. So we're there.

we were involved in very important improvements in the project with our engineering area so we're there


But what we see quite clearly is that the concentrate market will be tight in the next few years. Not much concentrate around.

but we're -- what we see quite clearly is that the concentrate market will be tight in the next few years not much concentrate around


this year, I think that we are extremely happy with our strategy and what we're trying to do. For a long time, we've known that we should be growing our specialties,

for this year i think that we are extremely happy with our strategy and what we're trying to do for a long time we've known that we should be growing our specialties


The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which such statement is made.

the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which such statement is made


Finally, we adjusted EPS to exclude transaction cost related to the acquisition of Orlaco. Bob will discuss our adjustments in more detail.

finally we adjusted eps to exclude transaction costs related to the acquisition of orlaco bob will discuss our adjustments in more detail


Spending in the quarter was in line with plan as we completed the last of the key preproduction activities and stepped up our mining movement rates,

spending in the quarter was in line with plan as we completed the last of the key pre-production activities and stepped up our mining movement rates


think about how we want to run the company and have that optionality. So -- and that's -- the good news is we can -- we see that path forward,

think about how we want to run the company and have that optionality so -- and that's -- the good news is we can -- we see that path forward


They came to Snapchat with the goal of finding a new audience that couldn't be reached on other platforms. In just a few months' time,

they came to snapchat with the goal of finding a new audience that couldn't be reached on other platforms in just a few months' time


across the board on the savings initiatives, which now -- you mentioned 2 of the elements, and the third element is the business restructuring.

across the board on the savings initiatives which now you mentioned 2 of the elements and the third element is the business restructuring


the first quarter of 2017 continued to outperform with strong retail shows and favorable demographic patterns continuing to drive and support increased production levels.


In the face of rising costs, our team worked closely with our customers and suppliers to ensure service support and consistency of delivery.

in the face of rising costs our team worked closely with our customers and suppliers to ensure service support and consistency of delivery


we're expanding our dealer network for vintage coins and our reach into the important sectors like the banking channel for modern coins.


But if you consider any further possible risks due to the system change after April, what would they be?

but if you consider any further possible risks due to the system change after april what would they be


Overall, we are pleased with the continued progress we are making to drive bottom line results while also positioning the company to achieve its full potential.

overall we are pleased with the continued progress we are making to drive bottom line results while also positioning the company to achieve its full potential


it's not simply just capacity and feet on the street and sales, engineering and developer relations. It's also the fact that,

it's not simply just capacity and feet on the street and sales engineering and developer relations it's also the fact that


As Tony stated before, we're usually the first ones through the door to initiate discussions to purchase an asset, which isn't actually for sale.

as tony stated before we are usually the first ones through the door to initiate discussions to purchase an asset which isn't actually for sale


So this we won't give any more color on, but I think it's fairly specific what we need to do. And at the end of the day, with the working capital,

so this we won't give any more color on but i think it's fairly specific what we need to do and at the end of the day with the working capital


Your first question is there are some variable costs that actually did go away. Part of the reason why we actually didn't have any increase in our

the first question is is there are some variable costs that actually did go away part of the reason why we actually didn't have any increase in our


while the supply of new hotels is increasing downtown, we expect the demand growth will continue. That said in Q1, we did underperform our expectations

while the supply of new hotels is increasing downtown we expect the demand growth will continue that said in q1 we did underperform our expectations


but the consumables have already started to come through, plus you already see the downstream processing also growing rather nicely. So just to give you some facts.

but the consumables have already started to come through plus you already see the downstream processing also growing rather nicely so just to give you some facts


Second, along with the pace and scope of our fundraising, we are selectively hiring new resources to support a larger investment platform.

second along with the pace and scope of our fundraising we are selectively hiring new resources to support a larger investment platform


In addition, many companies are working on access keeping and there is a little boom now. Please comment on it.

in addition many companies are working on exon skipping and there is a little boom now please comment on that


drop-downs. Can you talk about the parameters you have to potentially accelerate what you do in terms of drop-downs and remind us what your long-term

drop-downs can you talk about the parameters you have to potentially accelerate what you do in terms of drop-downs and remind us what your long-term


compared to 56% a year ago and continues to be the primary driver behind our top line growth, shift in revenue mix and margin improvement.

compared to 56% a year ago and continues to be the primary driver behind our top line growth shift in revenue mix and margin improvement


And 2 findings that we have now found and some of which we've already published, is if we vaccinate or inject the vaccine directly into the tumor

and 2 findings that we have now found and some of which we've already published is if we vaccinate or inject the vaccine directly into the tumor


while attracting incremental investors in this challenging marketplace, where conservatively valued yield options are increasingly difficult to find.

while attracting incremental investors in this challenging marketplace where conservatively valued yield options are increasingly difficult to find


So far, the highlights of the reporting period. Let us now go into the details. Revenue.

so far the highlights of the reporting period let us now go into the details revenue


But importantly, the underlying growth is there and is coming from momentum we're continuing to build in our marketing and lead generation programs.

but importantly the underlying growth is there and is coming from momentum we are continuing to build in our marketing and lead generation programs


I expect that the aggregate expenses that we are reporting in the first quarter of 2017 will generally stay at this level for the remainder of the year.

i expect that the aggregate expenses that we are reporting in the first quarter of 2017 will generally stay at this level for the remainder of the year


So we're not particularly necessarily looking at any industry. It just happens to be that the opportunities right now are really in the real estate side.

so we're not particularly necessarily looking at any industry it just happens to be that the opportunities right now are really in the real estate side


While overall demand for metal products was not as strong as we expected when we entered 2016, customer sentiment has improved

while overall demand for metal products was not as strong as we expected when we entered 2016 customer sentiment has improved


We are shifting the use of our customer database to a point that allows us to do

we are shifting the use of our customer database to a point that allows us to do


Ladies and gentlemen, thank you for standing by.

ladies and gentlemen thank you for standing by


that -- I was just emphasizing, they have to enjoy this moment in history, working at the thrilling sharp edge of the media market. It's just

that i -- i was just emphasizing they have to enjoy this moment in history working at the thrilling sharp edge of the media market it's just


and we think now that this will unlock growth for the entire market. So all competitors will be able to increase growth. I think revision is something that we've, obviously, been looking at

and we think now that this will unlock growth for the entire market so all competitors will be able to increase growth i think revision is something that we'll obviously be looking at


The combination creates a more comprehensive cloud-based construction platform for general contractors and will expand our relationships with subcontractors and building owners.

the combination creates a more comprehensive cloud-based construction platform for general contractors and will expand our relationships with subcontractors and building owners


The downturn of this consolidated wafer fab industry is much shorter and much less painful. Therefore,

the downturn of this consolidated wafer fab industry is much shorter and much less painful therefore


We believe those more specific messages tend to fall more into traffic driving and promotional activity

we believe those more specific messages tend to fall more into traffic driving and promotional activity


And I think as we disclosed, a lot of companies have added capacity or are in the process of adding capacity. And that gradually comes up steam,

and i think as we disclosed a lot of companies have added capacity or are in the process of adding capacity and that gradually comes up steam


but it seems that there's a level of unpredictability from some of these markets. I know being -- addressing a broad number of markets

but it seems that there's a level of unpredictability from some of these markets i know being addressing a broad number of markets


But we will continue to open stores. We will continue opening stores. We still have that discipline of opening stores with a very low

but we will continue to open stores we will continue opening stores we still have that discipline of opening stores with a very low


I think it'll begin to level out over time. I think there's going to be a big push on how you do that. The corrugated is still there. You just have to go get it differently.

i think it'll begin to level out over time i think there's going to be a big push on how you do that the corrugated is still there you just have to go get it differently


Our application development teams continue to grow, and our core learning technology teams are the largest they have been in history.

our application development teams continue to grow and our core learning technology teams are the largest they've been in history


I guess, putting sort of back office items that were done at the independent businesses back into corporate. Is that sort of how to think about it? And then could you just quantify the benefits there?

i guess putting sort of back office items that were done at the independent businesses back into corporate is that sort of how to think about it and then could you just quantify the benefits there


They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by this statement.

they involve known and unknown risks uncertainties and assumptions that may cause actual results performance and achievements to differ materially from those expressed or implied by the statement


It's a report that will be published on the Internet on our webpage, and there you will see more details

it's a report that will be published on the internet on our webpage and there you will see more details


The only headwind that we face is the prevailing extremely negative investor sentiment towards the oil industry, in general, and the oil sands in particular.

the only headwind that we face is the prevailing extremely negative investor sentiment towards the oil industry in general and the oil sands in particular


it's also a basket, I guess, a different basket question, additional first lien, I guess, you're not providing any guidance as to how much more first lien you could issue as of today or

it's also a basket i guess a different basket question additional first lien i guess you're not providing any guidance as to how much more first lien you could issue as of today or


To put this in perspective from an employee headcount standpoint, we will have increased the size of the company by 50% as we exit the year.

to put this in perspective from an employee headcount standpoint we will have increased the size of the company by 50% as we exit the year


In all, the relaunch effort is a comprehensive plan focused on reestablishing our identity and core value proposition,

in all the relaunch effort is a comprehensive plan focused on reestablishing our identity and core value proposition


And High-Speed Rail, with all its problems and delays, continues to promise to be a very successful project.

and high-speed rail with all its problems and delays continues to promise to be a very successful project


We expect overall research and development expenses to continue to increase during the fourth quarter of 2018 and for the foreseeable future

we expect overall research and development expenses to continue to increase during the fourth quarter of 2018 and for the foreseeable future


we're trying to send a message to the markets that our business is maturing and about to turn net income positive, which we still believe it is

we're trying to send a message to the markets that our business is maturing and about to turn net income positive which we still believe it is


Given these strong dynamics and general health of the commercial real estate markets, we're seeing a significant amount of capital enter the debt financing space,

given these strong dynamics and general health of the commercial real estate markets we are seeing a significant amount of capital enter the debt financing space


Our cloud platform pipeline indicates that the rollout will continue in the coming quarters with more countries coming into the mix.

our cloud platform pipeline indicates that the rollout will continue in the coming quarters with more countries coming into the mix


And that's the part that we would expect to trail down throughout the back half of the year. We'll have some in the third quarter because that

and that's the part that we would expect to trail down throughout the back half of the year we'll have some in the third quarter because that


Our new Franchise platform also has the potential to become an independent business within 2.0, as we work to expand its products beyond just Equipment Finance.

our new franchise platform also has the potential to become an independent business within 2 0 as we work to expand its products beyond just equipment finance


you mentioned not doing something on spec, and if my memory serves, I believe one of your carriers was on spec from several years ago. It

you mentioned not doing something on spec and if a memory serves i believe one of your carriers was on spec and like from several years ago it


but we've thought how best to use this additional ongoing benefit from the change in tax law. We believe that we've got a responsibility to our employees to share the benefit

but we've thought how best to use this additional ongoing benefit from the change in tax law we believe that we've got a responsibility to our employees to share the benefit


Given our solid sales results across all of our product lines, I'm confident we're on the right path. Thanks. And now I'll turn the call over to Dwayne.

given our solid sales results across all of our product lines i'm confident we're on the right path thanks and now i'll turn the call over to duane


It also supports our growth expectations for 2017. In addition to the pace of bookings, we measure field of service requests,

it also supports our growth expectations for 2017 in addition to the pace of bookings we measure field service requests


We are accelerating our active portfolio management by increasing the number of asset to be sold in order to maximize our flexibility in the future.

we are accelerating our active portfolio management by increasing the number of assets to be sold in order to maximize our flexibility in the future


to generate improved investment outcomes. And we have put in place a number of important management actions, outlined on the slide,

to generate improved investment outcomes and we've put in place a number of important management actions outlined on the slide


were offset by the lingering impact of the supply disruption on garlic toast and lower sales for branded croutons and refrigerated dips.


Its focus on reducing water and energy use and eliminating waste has both reduced cost and vastly reduced our environmental impact.

its focus on reducing water and energy use and eliminating waste has both reduced costs and vastly reduced our environmental impact


So we feel very good about the plans we have for ready-to-drink tea, which also includes the premium Tea House Collection. So all the new flavors we're launching,

so we feel very good about the plans we have for ready-to-drink tea which also includes the premium tea house collection so all the new flavors we're launching


since the first quarter of 2017, we provide you with the figures in terms of watching how convergence is delivering

since the first quarter of 2017 we provide you with the figures in terms of watching how convergence is delivering


an increasingly optimized supply chain and enhanced sales and marketing platform and a focus on developing the talented team we need to win in our markets.

an increasingly optimized supply chain an enhanced sales and marketing platform and a focus on developing the talented team we need to win in our markets


which contains new opportunities across the segments and in all of our existing geographies. We will continue to deploy capital in a prudent fashion

which contains new opportunities across the segments and in all of our existing geographies we will continue to deploy capital in a prudent fashion


Before turning the call over to Andrea, I'd like to reiterate the management team is committed to the success of the company,

before turning the call over to andrea i'd like to reiterate the management team is committed to the success of the company


which is very manageable, particularly given the favorable market dynamics laying the foundation for a positive occupancy outlook.

which is very manageable particularly given the favorable marketing dynamics laying the foundation for a positive occupancy outlook


We are very pleased with this deal and we strongly believe it is the right decision for the future success of Vitamin World as a standalone retail operation.

we are very pleased with this deal and we strongly believe it is the right decision for the future success of vitamin world as a stand-alone retail operation


puts a little bit more of pricing into that domestic marketplace. But it will be very reflective of, I would call, international pricing at this point in time.

puts a little bit more pricing into that domestic marketplace but it will be very reflective of i would call international pricing at this point in time


I think that relationship maybe extended a bit in the second half of last year. We've heard that from other sectors of the building materials industry. We track

i think that relationship may be extended a bit in the second half of last year we've heard that from other sectors of the building materials industry we track


timing? Just so that we can go back and get a little historical perspective on how that's rolled in the past?

timing just so that we can go back and get a little historical perspective on how that's rolled in the past


Yet insiders are putting in transaction -- putting in money, so you don't know what's going on. You have no idea. And so some sort of clarity to bridge that gap

yet insiders are putting in transaction -- putting in money so you don't know what's going on you have no idea and so some sort of clarity to bridge that gap


So where it comes from is that we're in the process of working with these large customers for their next

so where it comes from is that we're in the process of working with these large customers for their next


substantially increase their capital expenditures this year, do you think that Cognex will participate in that spending?

substantially increase their capital expenditures this year do you think that cognex will participate in that spending


And certainly, we've gone on investing in those areas, and that's driving up some of our engineering expense in the near term because we do expect to see

and certainly we've gone on investing in those areas and that's driving up some of our engineering expense in the near term because we do expect to see


This was evidenced by our latest announcement, which came out yesterday. And we continue to broaden our reach into the women's health market.

this was evidenced by our latest announcement which came out yesterday and we continue to broaden our reach into the women's health market


Once conversion is largely complete, we will begin key marketing initiatives designed to enhance brand equity and awareness around the new packaging.

once conversion is largely complete we will begin key marketing initiatives designed to enhance brand equity and awareness around the new packaging


Can you talk a little bit about the kind of support that you are looking from the banks to complete the acquisition of Astaldi? When will

okay can you talk a little bit about the kind of support that you're looking from the banks to complete the acquisition of astaldi


in the slide. We will continue with a strong focus on this plan with further measures to be implemented in the coming months and further savings to be achieved throughout the year.

in the slide we will continue with our strong focus on this plan with further measures to be implemented in the coming months and further savings to be achieved throughout the year


which was primarily associated with foreign currency charges, the majority of which was associated with the devaluation of

which was primarily associated with foreign currency charges the majority of which was associated with the devaluation


with the community the results of the retrospective analysis that we conducted from the previous Janssen clinical trials, and

with the community the results of the retrospective analysis that we conducted from the previous janssen clinical trials and


Clearly the work to reposition Mark's brand with Well Worn along with the work PJ has done on assortment and merchandising has made a significant impact.

clearly the work to reposition marc's brand with well-worn along with the work pj has done on assortment and merchandising has made a significant impact


The share count assumes a share repurchase plan for the year that will approximately offset the impact to our tax rate from tax reform.

the share count assumes a share repurchase plan for the year that will approximately offset the impact to our tax rate from tax reform


by any means but when I see sales representatives as well as a number of the key managers here

cute by any means but when i see sales representatives as well as a number of the key managers here


as our Chief Claims Officer, we're going to be able to put the appropriate level of focus on these issues so that we can look to minimize these types of issues going forward.

as our chief claims officer we're going to be able to put the appropriate level of focus on these issues so that we can look to minimize these types of issues going forward


revenues over time, they have been slipping for a few years. But do you think we're reaching a bottom there or is there a structural reason why that may continue to slip? And

revenues over time they have been slipping for a few years but do you think we're reaching a bottom there or is there a structural reason why that may continue to slip and


Through PayPal for Partners and Marketplaces and One Touch seller sign-up, we are connecting small businesses and merchants of all sizes

through paypal for partners and marketplaces and one-touch seller sign-up we are connecting small businesses and merchants of all sizes


You may recall that New Zealand is around 10% of segment EBIT. We were pleased that this impact was absorbed within the overall segment result.

you may recall that new zealand is around 10% of segment ebit we were pleased that this impact was absorbed within the overall segment result


you'd see some improvements with the new planes coming in. Are there other things you can do in the shorter-term? Do you reconfigure the planes that are on the other routes or

you'd see some improvements with the new planes coming in are there other things you can do in the shorter term do you reconfigure the planes that are on the routes or


The real effectiveness of the -- of a company like this is in the install base. And this is a plan to push it as quickly as we can early in the year

the real effectiveness of a company like this is in the installed base and this is a plan to push it as quickly as we can early in the year


We're being careful about how we're doing that as we flex the manufacturing capacity that we have to make the shift over. And so

we're being careful about how we're doing that as we flex the manufacturing capacity that we have to make the shift over and so


We're on it. We've got people focused on filling in the volumes. I'd rather not talk a lot about particular progress or margins just because I think that

we're on it we've got people focused on filling in the volumes i'd rather not talk a lot about particular progress or margins just because i think that


I don't know the specific numbers, Terri, I don't know if we. Feb. But February was very strong, and which again is not necessarily historically

i don't know the specific numbers terry i don't know if we -- yes but february was very strong and -- which again is not necessarily historically


that we have several ongoing direct engineering contracts as well as a larger contract called a drawdown contract.


However, even in light of the weak commodity price environment, transportation volumes have remained relatively consistent compared with last year's second quarter.

however even in light of the weak commodity price environment transportation volumes have remained relatively consistent compared with last year's second quarter


particularly for those shareholders who utilize discounted cash flow models to assess valuations. I will now turn it over to Gwen for an update on our guidance and outlook.

particularly for those shareholders who utilize discounted cash flow models to assess valuations i will now turn it over to gwen for an update on our guidance and outlook


The decrease was largely due to lower restructuring related expenses and the impact of cost-reduction initiatives around payroll and discretionary spend.

the decrease was largely due to lower restructuring-related expenses and the impact of cost reduction initiatives around payroll and discretionary spend


Those are the kind of conversations we want to have with prospects, and so we start with their data, and we find ways to create value based on their unique strategies and circumstances,

those are the kind of conversations we want to have with prospects and so we start with their data and we find ways to create value based on their unique strategies and circumstances


I'll now turn it over to George for his comments. Thank you, Tim. This is my last earnings call as Chairman and CEO, and

i'll now turn it over to george for his comments thank you tim this is my last earnings call as chairman and ceo


and the positive trend we observed in new patient enrollments during 2017 give us confidence that we will continue to generate positive volume growth.


So I can't stand here and promise this very high growth rate over every year. There will be years where it will slow down,

so i can't stand here and promise this very high growth rate over every year there will be years where it will slow down


Because the payment was to satisfy their full original obligation under the lease, it was appropriate to include their accelerated payment

because the payment was to satisfy their full original obligation under the lease it was appropriate to include their accelerated payment


so we can create an export market for our potential new customers that would be bringing imports into Vancouver.

so we can create an export market for our potential new customers that would be bringing imports into vancouver


and the expenses related to the integration of CareSouth. As may be seen on Slide 17 and as Jay discussed,

and the expenses related to the integration of care south as may be seen on slide 17 and as jay discussed


As a reminder, this call is being recorded and broadcast live on our website. A replay of the webcast will be available through the same link for 90 days.

as a reminder this call is being recorded and broadcast live on our website a replay of the webcast will be available through the same link for 90 days


increase our share of the spend for tools on a per-dose basis. It's out there. The supplier side is very fragmented. So there's an opportunity right now for us to get engaged

increase our share of the spend for tools on a per-dose basis it's out there the supplier side is very fragmented so there's an opportunity right now for us to get engaged in


These improved results were impulsed through improved operational results of the malls in Ripley in Chile and Peru as well as the improved results of the associated

these improved results were impulse through a improved operational results of the malls in ripley in chile and peru as well as the improved results of the associates


Simultaneously, we are exploring partnerships with existing front-end semi equipment providers to commercialize the technology.

simultaneously we are exploring partnerships with existing front-end semi equipment providers to commercialize the technology


and Latin America is recovering. Can you give us a feel of how that is developing? Methionine market price

and latin america is recovering can you give us a feel of how that is developing methionine market price


We successfully launched a full suite of Aero products in our Wabash Composites business that now creates the broadest OEM product offering available

we successfully launched a full suite of aero products in our wabash composites business that now creates the broadest oem product offering available


continue to pay down debt, execute a return of capital strategy to shareholders and selectively pursue strategic acquisitions.

continue to pay down debt execute a return of capital strategy to shareholders and selectively pursue strategic acquisitions


In Residential and Retirement Living, what you've seen is a significant increase in the last 5 years towards the strong Sydney and Melbourne markets.

in residential and retirement living what you've seen is a significant increase in the last 5 years towards the strong sydney and melbourne markets


that can have quite a meaningful impact on many banks as they are required to look forward over a 12-month period or even as far as the remaining life of their exposures in

that can have quite a meaningful impact for many banks as they are required to look forward over a 12-month period or even as far as the remaining life of their customers


We are able to make commitments like this purchase and the Omni acquisition because we have maintained a strong balance sheet and waited patiently for the right opportunity.

we are able to make commitments like this purchase and the omni acquisition because we have maintained a strong balance sheet and waited patiently for the right opportunity


This growth has been the result of our rigorous approach to modernizing and premiumizing our brands through renovation and innovation. And the benefits are clear,

this growth has been the result of our rigorous approach to modernizing and premiumizing our brands through renovation and innovation and the benefits are clear


But I just think it's too early for us to sort of comment on exactly how well or how -- what the issues we will face.

but i just think it's too early for us to sort of comment on exactly how well or how -- what the issues we would face


But we do read this to be more of stabilization of growth at current levels versus a deceleration or a further acceleration of growth.

but we do read this to be more of stabilization of growth at current levels versus an acceleration or a further acceleration of growth


Can you talk to your hiring plans for the second half of the year? And how we should think about those relative to the cost structure?

can you talk to your hiring plans for the second half of the year and how we should think about those relative to the cost structure


We feel we can meet these targets by continuing to build our customer base, engineering the network and streamlining operational processes.

we feel we can meet these targets by continuing to build our customer base engineering the network and streamlining operational processes


more traditional channels, it's not going to be 100% incremental. But there's no question that we have the opportunity as we look at the kinds of items we're offering

more traditional channels it's not going to be 100% incremental but there's no question that it -- we have the opportunity as we look at the kinds of items we're offering


are a portion of what we've done. And in some of these cases, we're a much larger participant in these deals. And so, although they may be

are a portion of what we've done and in some of these cases we're a much larger participant in these deals and so although they may be


Now you could really start leveraging the power of the different integration capabilities you have and the different endpoints you have in the business

now you could really start leveraging the power of the different integration capabilities you have and the different endpoints you have in the business


your core systems, should we expect a one-off charge to write off the old systems at some point in the future? And how much might that be coming through

your core systems should we expect a one-off charge to write off the old systems at some point in the future and how much might that be coming through


Margins in this segment jumped, as we continue to benefit from larger volumes of water coming into our facilities via pipeline versus trucked water.

margins in this segment jumped as we continue to benefit from larger volumes of water coming into our facilities via pipeline versus truck water


forecasting there in the third quarter compared to the second quarter. So 2 of the big things. One is we're forecasting lower

forecasting there in the third quarter compared to the second quarter so two of the big things one is we're forecasting lower


The majority of our annual and seasonal business is repeat and referral customers. The transient business is less predictable and requires more marketing efforts.

the majority of our annual and seasonal business is repeat and referral customers the transient business is less predictable and requires more marketing efforts


However, we are focused on achieving our synergy targets for this business while bringing technical and manufacturing resources to grow both revenues and, of course, profitability.

however we are focused on achieving our synergy targets for this business while bringing technical and manufacturing resources to grow both revenues and of course profitability